Bitcoin was back in the green during Tuesday’s session, as the world’s largest cryptocurrency rose above $47,000. ETH also saw a slight increase today as it hovered close to the $3,500 resistance.
Bitcoin
Bulls were back in bitcoin on Tuesday, as the world’s largest cryptocurrency rose above $47,000 during the session.
After a weekly low of $45,235.82, BTC/USD rallied earlier today to $47,106.14, achieving an intraday peak of $55,235.82.
The market uncertainty remained a problem in crypto trading despite the increase, and prices moved away from their highs during the session.
As of writing, BTC is trading at $46,488.91, which is still 1.18% higher than yesterday’s low, but about $600 below the day’s high.
As you can see, the gains made earlier were weaker as we reached the resistance of 62.92 during the 14-day RSI indicator.
If we trade at this level, the price consolidation may continue, and a breakout could take BTC to $48,000.
Ethereum
The price of ETH continued to consolidate during today’s session, as it hovered slightly below its key resistance level.
To start the day, ETH/USD broke through this resistance at $3,000. It then climbed to an intraday high $3,546.71.
Since then the price of ETH has slightly faded, and as of writing, is trading around $3,478.37, which is still marginally higher than yesterday’s bottom of $3,412.
Following a bullish run for ETH, there has been a consolidation of resistance that’s been in place for almost four days. But, it seems like this momentum is finally fading.
The chart clearly shows how price strength has fallen away from the 71.45 ceiling of the RSI indicator. It is currently at 67.
Although prices have been showing weakness recently, they are still quite overbought which could lead to price drops.
The main barrier to bears pushing down prices will probably be 65 as the support level on the 14-day RSI.
Is ETH now losing bullish momentum after its recent rally upwards? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.
